SC tells Supertech builders to refund principal amount

The Supreme Court Wednesday directed Suptertech builders to refund by Aug 30 the principal amount to 53 allottees of its residential blocks in Noida that were ordered to be demolished by the Allahabad High Court for not complying with building laws.

An apex court bench headed by Chief Justice R.M. Lodha said the interest on the principal amount will be paid by Oct 30.

The Allahabad High Court held that the two residential towers built by Supertech were in contravention of the rules and asked the builders to refund the allottees’ money along with 14 percent compound interest per annum.